Be Careful of These 5 Things to Avoid Falling Out of Escrow When Buying a Home

10 May 2018

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Be Careful of These 5 Things to Avoid Falling Out of Escrow When Buying a Home

There are many mistakes you should avoid when buying a home. Some of these mistakes can be reversed while there are others that have severe consequences. Sometimes even a minor mistake can lead to your deal not getting closed. You could even fall out of escrow. Therefore, you must avoid these mistakes at all costs so that you can close the deal and buy the house you want, without any hassles.

Be careful of these 5 things to avoid falling out of escrow when buying a home:

1. Failing to Work with an Experienced Real Estate Agent

You may think that a real estate agent’s commission is too much to pay for and you can get through the home buying process without hiring their help. This is a mistake. Most of the time, paying the fee is well worth it. Buying a home is a complex process. If you want to avoid headaches in the process, then you have to know your way around it. With an experienced real estate agent on your side, you will have proper guidance during the entire home buying process. Furthermore, the agent will even do certain transactions for you and make sure that the deal is closed in your favor. Even people who are experienced in buying homes still hire the help of real estate agents to simplify the process.

2. Not Setting a Price Ceiling for the Home You Want to Buy

Not setting a price ceiling for the kind of home you can afford is one of the most common mistakes that first-time homebuyers make. No matter how excited you are in buying a house, it is recommended that you don’t over-extend your finances. Make sure that your monthly mortgage payment will still allow you to live comfortably.

3. Not Putting Down Enough Down Payment

Think carefully before grabbing an opportunity, even if you receive an offer to purchase a home with zero down payment. According to experts, up to 20% down on your home is a good deal.

4. Skipping on the Pre-Approval and Pre-Qualification Process

Again, you should not get over-excited at the prospect of buying a home, particularly if it is your first. Skipping on the pre-approval and pre-qualification process is a mistake. A real estate agent can help you with these. If you fail to get pre-approved or pre-qualified, you can end up wasting your time as well as the seller’s. You could even fall out of escrow. You will end up withdrawing an offer if you make an offer without an idea if you are qualified for a loan. This can be really frustrating.

5. Not Considering All the Financial Aspects of Buying a Home

There are many additional and hidden costs involved in the home buying process – from insurance to maintenance, or decorating and your dues as a homeowner. It is recommended that you consider all the financial aspects before making the final decision regarding which home to buy.

Inland Empire Escrow provides escrow services for a diverse variety of real estate transactions. With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more. To hear more about our escrow services for residential, mobile home, short sale, REO, bulk/business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.